Imdex MD to retire after 20 years

Mining technology supplier Imdex has announced the forthcoming retirement of its managing director Bernie Ridgeway after delivering record revenue and higher earnings for the 2019 financial year.

Mr Ridgeway has successfully led the development of the company since 2000 and is planning to retire next July.

Imdex chairman Anthony Wooles said the board would now begin the search for a new chief executive.

“Bernie is an exemplary leader who has made substantial contributions to the success of the company and its positioning for long-term sustainable earnings growth,” he said.

“For the balance of the fiscal year, Bernie will remain fully accountable for the performance delivery at all levels within Imdex.”

Imdex delivered record revenue of $243.7 million, representing a 12 per cent increase from last year, and a $27.6 million net profit, up 31 per cent.

Company directors declared a fully franked final dividend of 1.4 cents per share, bringing the full year to 2.2 cents per share, which represents a 30 per cent net profit payout ratio.

Mr Ridgeway said it was a positive year with particularly strong first and fourth quarters.

“The uplift in revenue was due to increased activity within the global minerals market and the improving quality of our rental fleet, which provides additional value to clients and generally commands higher rental rates,” he said.

The fourth quarter was the second strongest on record for the company.

“The result reflected improving margins, due to market adoption of our integrated solutions and cloud-connected technologies, on higher revenue,” Mr Ridgeway said.

Imdex also recorded a 3 per cent decrease in employees, bringing the total to 511 as at June 30.

Mr Ridgeway said he remained confident the company would continue to grow sales and earnings.

“I am very proud of what we have built at Imdex and am grateful to all the talented people who have made our company what it is today,” he said.

“With such a strong growth platform in place, and my length of service, it is the right time to signal my impending retirement to the board and shareholders.

“Between now and June 30 2020, I remain committed to driving Imdex’s growth strategy, hitting our milestones and managing our costs.”